Category Archives: gasoline prices

LARSON VOTES TO CRACK DOWN ON PRICE GOUGINGBill supported by Rep. Larson Passes House; takes important step to end price gouging

WASHINGTON – As Americans approach Memorial Day and the summer driving season, Congressman John B. Larson (CT-1) joined an overwhelming bipartisan majority in Congress and voted to approve new mechanisms to fight record high gas prices. On Tuesday and Wednesday, Larson voted for legislation to crack down on gas price gouging and OPEC state-controlled entitiesthat conspire to limit the supply or fix the price of oil. Larson’s vote comes as families in
Connecticut are paying an average of $3.27 a gallon for gasoline. This is more than a 116% spike from when President Bush took office in 2001.

“Families in
Connecticut are feeling a serious pinch at the pump,” said Congressman Larson. “I was proud to support legislation that will help crack down on price gouging and punish those who attempt to fix the price of oil. The American people have paid enough.”

On Tuesday, the House approved H.R. 2264 to authorize the Justice Department to take legal action against OPEC state-controlled entities that participate in conspiracies to limit the supply, or fix the price, of oil. Nations or organizations that limit oil supply can artificially inflate the cost of gas and hurt American consumers.

On Wednesday, the House approved The Federal Price Gouging Prevention Act, H.R. 1252, of which Congressman Larson is a co-sponsor, which would give the Federal Trade Commission the authority to investigate and punish companies that artificially inflate the price of gas. The bill sets criminal penalties for price gouging, and permits states to bring lawsuits against wholesalers or retailers who engage in such practices.

While a bipartisan majority in Congress supports these bills, President Bush has threatened to veto both pieces of legislation.

“As the summer driving season approaches, too many families are being forced to choose between a bag of groceries and a gallon of gas,” Larson added. “President Bush is wrong to oppose these bills and I urge him to join us in our efforts to bring down the cost of gasoline.”

The high cost for families come as oil companies continue to prosper. The six largest oil companies announced $30 billion in profits for the first quarter of 2007. This is on top of the $125 billion in record profits they made in 2006.

In addition to the legislation approved this week, in the first 100 Hours of the 110th Congress, the Democratic Congress has already voted to roll back $14 billion dollars in taxpayer subsidies for Big Oil companies and reinvest the money in clean, alternative fuels, renewable energy and energy efficiency. Democrats are also developing an Independence Day package to boldly address energy independence and global warmingby rapidly expanding the production of clean, alternative fuels and increasing energy efficiency, which will help protect our environment and bring down the cost of fuel for American consumers.

WASHINGTON, DC – U.S. Congressman John B. Larson (CT-01) released the following statement today as gas prices nationwide hit a nationwide high this week. Across the country, the average price for regular gasoline has surged to $2.87 per gallon – climbing 50 cents over the past two months. Some experts are predicting that gas prices could escalate to $4 per gallon.

Earlier this month, Exxon Mobil announced that its first quarter profits increased by 10 percent, even after a year when it made $39 billion—the most profits ever for any company. ConocoPhillips also saw their profits climb nearly 8 percent in the first quarter – showing that oil companies continue to bring in huge profits while gas prices continue to rise. Last year, the six Big Oil companies made a record $125 billion while consumers footed the bill.

“Gas prices are out of control. Today, in Connecticut drivers are paying some of the highest gas prices in the nation—upwards of $3.15 a gallon-a whopping 107 percent more than when President Bush took office in 2001. For six years President Bush and the complicit Republican Congress failed to enact a comprehensive energy strategy that would help stabilize the cost of gas and make America more energy independent. The bad decisions of the past six years have forced millions of families to choose between a bag of groceries and filling up their gas tanks.

“Democrats are offering real solutions to this crisis. In the first 100 hours we passed the CLEAN Energy Act of 2007, to repeal $14 billion in subsidies and tax breaks for Big Oil companies in order to invest in clean renewable energy and alternative fuels and energy efficiency. Cutting subsidies to an industry raking in huge profits to invest in clean, alternative energy is just common sense. This is just the beginning of a comprehensive effort to reduce our dependency on foreign oil, ensuring that energy will be more affordable for America’s families in the future and that America’s families are not at the whim of overseas oil cartels.“By July 4th, the House will begin working on the first part of our plan to end our addiction to foreign oil and address climate change. Democrats are committed to investing in the development of clean, sustainable energy alternatives including
America’s vast renewable resources. We will also be working to provide relief for consumers while bringing down gas prices by ensuring that oil companies aren’t unfairly gouging consumers.”